Doctoral Research in Taxation.
本文介绍了一项实证研究，检验美国国内收入法典第465条对石油天然气钻探项目投资者风险承担的影响，发现损失扣除限制降低了有限合伙人的风险承担水平。
Abstract This article presents information on several research notes being submitted by various scholars belonging to different universities. Charles W. Christian, assistant professor of accounting, University of Georgia, conducted an empirical test of the effects of the internal revenue code section 465 on risk-taking by investors in oil and gas drilling programs. It has been opined that taxation affects the cash flows generated by financial investments, and, under some conditions, it also affects the degree of risk investors are willing to bear. The purpose of the study discussed in this article is to investigate the effects of Internal Revenue Code Section 465 on risk-taking by financial investors in oil and gas drilling programs. Section 465 was enacted as a part of the Tax Reform Act of 1976, and it added new rules limiting loss deductions from certain activities, explicitly including oil and gas drilling. It has been concluded that the loss deduction limitations of Section 465 did reduce the level of risk-taking by limited partners in oil and gas drilling programs. This conclusion represents an empirical confirmation of the prior analytical research in the area of the effect of loss deductions on risk-taking.